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Banks globaly have a corporate social responsibility to ensure their staff are qualified and educated

By: admin|

I recently responded to a LinkedIn blog relating to the strong growth of the Private Bankers in Asia, to meet the growth of the wealth in middle and upper level of clients, and I used the word “Smart Banker”. I was questioned on what I actually meant by that term and hence the article below will give a good overview of my thoughts.

Many banks across many countries are very good at training their staff on compliance, products, servicing of clients, leadership and supervisory roles and I know this from my many years of past experience in a Bank. Also we undertake training for Banks in Australia so I am fairly up-to-date on what is and what is not happening.

With the advent of the fast-moving technology world in which we live many clients are now adapting to using social media and reading far more information’s than was available to them previously. Hence they can do research on whatever subject matter they choose and hence they have a far better understanding on the  products or services they are seeking when they approach their Bankers for advice etc. Government web sites here in Australia have many educational and business tools and assistance that enable many clients to do their own research before attending a meeting with their Banker.

So if we can assume that many clients are now seeking to engage with Bankers that are more educated, have a wider view and understanding of the clients needs and wants and even after assessing the clients full needs and overall position are able to make further suggestions on how the client can improve their position in areas that gaps are identified.

Being able to have a sound understanding on how a business operates, or how to read a client’s financials to be able to ask meaningful questions and provide solutions across many parts of the client’s financial current and future standing. Being able offer clients more than they expected is what “smart” Bankers can do.

To do this the whole system of training and education of Bankers in this technology age needs to be reviewed and one of the saddest things I still continually see is when Banks retrench staff for whatever reason, the bankers are unable to use their Banking taught qualifications in the “outside world”. I still hear the expressions of if we educate them they will leave, well let me tell you it’s better to have an educated person working for you than an uneducated one. Being educated by their employer is one of the main factors why people actually stay with their employer, not leave.

I would even go as far as to say that Banks have a corporate social responsibility to ensure their staff are qualified and educated to a level they will be able to adjust to the “outside world” when they leave or are retrenched. Banking today in many cases is not a life time career as it was yesteryear.

Qualification courses built into career pathways, coupled with regulatory, compliance, soft skills and technology training also makes the person a “Smarter Banker” and these types of Bankers attract many clients seeking their services. Products flogger rank behind the “Smarter Banker” as products are obtainable anywhere, “Smarter Bankers are not.

Smarter Bankers will also improve the lives of many in the areas of wealth accumulation, literacy and numeric skills.

One thought on “Banks globaly have a corporate social responsibility to ensure their staff are qualified and educated

Public Relations in India February 28, 2013, 5:55 am

Banks taking such steps is an effort worth an applause. Corporate Social Responsibility is very important in driving policies for a sustainable future.

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